Saturday, June 28, 2014
No more
An Icon of Indian Roads Is Set Out to Pasture
http://india.blogs.nytimes.com/2014/06/27/an-icon-of-indian-roads-is-set-out-to-pasture/
Saturday, January 18, 2014
Tuesday, December 31, 2013
The current hot topic in foreign and trade policy out of Canberra seems to be the conclusion of long-anticipated free trade agreements with the northeast Asian giants of China, Japan and Korea.
Shortly after her appointment as foreign minister, Julie Bishop confirmed that “[e]xpediting the conclusion of free trade agreements with South Korea, Japan and China is a first order priority of the Abbott Government.” Such enthusiasm has manifested itself in the form of proactive, economic diplomacy, as Bishop completed a whirlwind tour of the region where she met with counterparts in Japan, Hong Kong and Korea. She will head to China in the new year.
While the Coalition government's objective of concluding FTAs with Japan, Korea and China within a year is admirable, the ability for the government to conclude negotiations with the three countries – which between them have been in talks with Canberra for more than two decades – is in question. Some observers worry that its tight deadline is too ambitious and risks producing FTAs that only partially fulfill the interests of the signatories.
As FTA negotiations between Australia and Korea fast approach their fifth year, attention is now turning to Canberra's ability to conclude a deal with Seoul. Given Korea's recent success in signing FTAs with the U.S., EU and ASEAN heavyweights, a mutually satisfactory agreement with Australia is not beyond the realms of possibility. Korea's enviable collection of active FTAs already covers 60 percent of the global economy, not to mention the agreements still being negotiated that are expected to ultimately cover approximately 90 percent of the country’s trade activity.
The Time Is Right
Both Australia and Korea are enthusiastic about expanding their free trade networks and the benefits of a FTA between the two countries are readily apparent.
Korea is currently Australia’s third largest export market and Australia’s fourth largest trading partner. In the last decade, Korean investment in Australia has grown exponentially as Australia increasingly ranks as one of Korea’s top investment destinations. Since 2011, the value of investment proposals by Korean companies in Australia has reached more than $5.3 billion across the mining and resources, renewable energy, infrastructure, commercial property and agribusiness sectors.
More and more, Australian companies are also turning to Korea to unlock a range of investment and growth opportunities. In recent years, reputed Australian brands such as Macquarie Bank, ANZ, Rio Tinto, BHP Billiton and Blackmores have all established operations on the peninsula.
Australia's strong economic relationship with Korea also translates into political familiarity. As one of the first countries to come to Korea's aid at the outset of the Korean War, Korea and Australia continue to operate asimportant middle power partners sharing similar values and interests on the world stage. Numerous state visits to Korea by former Australian Prime Minister Julia Gillard, the recent hosting of the Foreign and Defence Ministers' (2+2) Meeting in Seoul, and Minister Bishop’s prioritizing of an early visit to Korea, all testify to successive Australian government visions for an enlarged role for Australia–Korea relations.
So why, then, almost five years from the commencement of the first round of negotiations, has a mutually satisfying FTA yet to be formalized
Asia’s Business Winners and Losers for 2013
Asia’s Business Winners and Losers for 2013
It was a good year for some of the region’s titans. For others…less so.
Mystery, malevolence and also business acumen are just some of the qualities associated with the Year of the Snake. Here’s a look at some of the major successes – and failures – in Asian business in 2013.
Winners..
Chung Mong-Koo: Listed by INSEAD among its best performing “global CEOs” of 2013, the 75-year-old Hyundai Motor boss is credited for helping South Korea’s largest automaker drive its product quality upmarket and become the world’s fourth-biggest carmaker.
Lui Chee Woo: The head of a hotel, property and casino conglomerate, Lui grew his net worth by $8.3 billion in 2013 to $19.6 billion on the back of strong revenue growth in Macau casinos, boosting the share price of his Galaxy Entertainment Group. A China native, the 84-year-old resides in Hong Kong and is ranked as Asia’s second richest man.
Ma Huateng: Nicknamed “Pony Ma,” the 42-year-old founder and chief executive of Chinese internet company Tencent has been rated among this year’s best business leaders, helped by a push into mobile: “To say that 2013 has been a good year for him and his firm would be an understatement. The market valuation of Tencent has skyrocketed to more than $100 [billion]…and the company appears to be poised for tremendous growth.
Masayoshi Son: The founder and chief executive of SoftBank Corp, Japan’s second-richest man increased his net worth by more than $10 billion to reach $19.1 billion as of December 11, helped by an aggressive acquisition strategy including Sprint Corp. The 56-year-old aims to build the world’s biggest mobile internet company, with Son’s latest move a bid for US wireless carrier T-Mobile US.
Mike Smith: The former HSBC boss earned kudos for taking Australia’s ANZ into Asia, helping the bank earn a record A$6.5 billion cash profit and picking up a tidy A$10 million for his services. Despite skepticism from some analysts, Smith says there is more “gas in the tank” for his “super regional” strategy.
Akio Toyoda: The grandson of Toyota Motor’s founder is eyeing record profits after cutting costs and boosting exports, helped by a weaker yen. The 57-year-old was rated this year’s second-best CEO for his efforts in helping the Japanese giant recover from US product recalls to become the world’s best-selling automaker.
Losers
Chinese manufacturing: From solar power companies such as Suntech Power to airlines and shipbuilders, a range of Chinese manufacturers have foundered after growing bloated on a diet of “chronic overcapacity and debt,” as noted by The Diplomat’s James Parker. Many of the affected industries are deemed strategic by Beijing, with their growth reflecting the “overweening ambitions of local Chinese politicians.” China’s food makers also suffered more scandals, including cooking oil made from discarded animal parts and meat products from animal waste.
India’s “Coalgate”: The continued scandal over government allocation of coal mines dragged in more big names from Indian business in 2013, including Kumar Birla, chairman of the Aditya Birla conglomerate, as well as Naveen Jindal of Jindal Steel & Power.
Japanese banks: Japan’s top lenders Mizuho, Mitsubishi UFJ and Sumitomo Mitsui were rocked by reports of loans to gangster-related businesses, a scandal described by finance minister Taro Aso as “extremely serious.” Mizuho chairman Takashi Tsukamoto announced his resignation to take responsibility for loans provided via its consumer finance affiliate, while Shinsei Bank also admitted dealings with “anti-social forces.”
Korea Electric Power Corp (Kepco): The South Korean utility was hit by a scandal over fake safety certificates at its nuclear reactors, not unlike the scandal at its similarly named Japanese rival. The scandal resulted in indictments for 100 people, including Kepco’s vice president, threatening the nation’s nuclear export ambitions.
Nathan Tinkler: The coal industry downturn hit the former billionaire hard, with Tinkler dropped from Australia’s BRW Young Rich List in 2013 after having topped the same list two years prior with wealth of A$1.1 billion. “Never before has a member of the Young Rich List had such a dramatic rise and fall,” BRW said, although he is reportedly planning a comeback with a new coal deal.
Who will be Asia’s top business winners and losers in 2014, the Year of the Horse? Business leaders will be undoubtedly hoping the zodiac sign’s qualities of endurance, stability and successful decision-making rub off on their operations in the year ahead
Chung Mong-Koo: Listed by INSEAD among its best performing “global CEOs” of 2013, the 75-year-old Hyundai Motor boss is credited for helping South Korea’s largest automaker drive its product quality upmarket and become the world’s fourth-biggest carmaker.
Lui Chee Woo: The head of a hotel, property and casino conglomerate, Lui grew his net worth by $8.3 billion in 2013 to $19.6 billion on the back of strong revenue growth in Macau casinos, boosting the share price of his Galaxy Entertainment Group. A China native, the 84-year-old resides in Hong Kong and is ranked as Asia’s second richest man.
Ma Huateng: Nicknamed “Pony Ma,” the 42-year-old founder and chief executive of Chinese internet company Tencent has been rated among this year’s best business leaders, helped by a push into mobile: “To say that 2013 has been a good year for him and his firm would be an understatement. The market valuation of Tencent has skyrocketed to more than $100 [billion]…and the company appears to be poised for tremendous growth.
Masayoshi Son: The founder and chief executive of SoftBank Corp, Japan’s second-richest man increased his net worth by more than $10 billion to reach $19.1 billion as of December 11, helped by an aggressive acquisition strategy including Sprint Corp. The 56-year-old aims to build the world’s biggest mobile internet company, with Son’s latest move a bid for US wireless carrier T-Mobile US.
Mike Smith: The former HSBC boss earned kudos for taking Australia’s ANZ into Asia, helping the bank earn a record A$6.5 billion cash profit and picking up a tidy A$10 million for his services. Despite skepticism from some analysts, Smith says there is more “gas in the tank” for his “super regional” strategy.
Akio Toyoda: The grandson of Toyota Motor’s founder is eyeing record profits after cutting costs and boosting exports, helped by a weaker yen. The 57-year-old was rated this year’s second-best CEO for his efforts in helping the Japanese giant recover from US product recalls to become the world’s best-selling automaker.
Losers
Chinese manufacturing: From solar power companies such as Suntech Power to airlines and shipbuilders, a range of Chinese manufacturers have foundered after growing bloated on a diet of “chronic overcapacity and debt,” as noted by The Diplomat’s James Parker. Many of the affected industries are deemed strategic by Beijing, with their growth reflecting the “overweening ambitions of local Chinese politicians.” China’s food makers also suffered more scandals, including cooking oil made from discarded animal parts and meat products from animal waste.
India’s “Coalgate”: The continued scandal over government allocation of coal mines dragged in more big names from Indian business in 2013, including Kumar Birla, chairman of the Aditya Birla conglomerate, as well as Naveen Jindal of Jindal Steel & Power.
Japanese banks: Japan’s top lenders Mizuho, Mitsubishi UFJ and Sumitomo Mitsui were rocked by reports of loans to gangster-related businesses, a scandal described by finance minister Taro Aso as “extremely serious.” Mizuho chairman Takashi Tsukamoto announced his resignation to take responsibility for loans provided via its consumer finance affiliate, while Shinsei Bank also admitted dealings with “anti-social forces.”
Korea Electric Power Corp (Kepco): The South Korean utility was hit by a scandal over fake safety certificates at its nuclear reactors, not unlike the scandal at its similarly named Japanese rival. The scandal resulted in indictments for 100 people, including Kepco’s vice president, threatening the nation’s nuclear export ambitions.
Nathan Tinkler: The coal industry downturn hit the former billionaire hard, with Tinkler dropped from Australia’s BRW Young Rich List in 2013 after having topped the same list two years prior with wealth of A$1.1 billion. “Never before has a member of the Young Rich List had such a dramatic rise and fall,” BRW said, although he is reportedly planning a comeback with a new coal deal.
Who will be Asia’s top business winners and losers in 2014, the Year of the Horse? Business leaders will be undoubtedly hoping the zodiac sign’s qualities of endurance, stability and successful decision-making rub off on their operations in the year ahead
Tuesday, September 3, 2013
Google Partners With Nestle ( Kit Kat)
Google plans to call the next version of its Android operating system KitKat, and in a partnership with the candymaker Nestle, the two will promote the products.
The Android 4.4 mascot made out of KitKat bars will tie to a promotion that allows consumers to win Google Play App store credits and Google Nexus tablets through codes printed inside a select number of KitKat candy wrappers.
More than 50 million branded chocolate bars will become available in 19 markets, including the U.S., UK, Canada and the Middle East, according to Nestle. The company also will make a limited number of robot-shaped bars.
A landing page explains the reasoning behind the name for the version of the Android 4.4 operating system -- KitKat. "Since these devices make our lives so sweet, each Android version is named after a dessert: Cupcake, Donut, Eclair, Froyo, Gingerbread, Honeycomb, Ice Cream Sandwich, and Jelly Bean."
Since most people love chocolate, Google decided to name the next version of Android after one of the company's favorite chocolate treats. The promotion begins Sept. 6.
Earlier Tuesday, Android chief Sundar Pichai sent a Twitter tweet and posted on Google Plus that Android had hit 1 billion activations.
"KitKat is one of the world’s top ten fast-moving consumer goods brands in social media in terms of fan numbers and engagement," said Patrice Bula, Nestle's head of marketing, in a prepared statement. "We continue to build on its strong digital presence with interactive, creative branding campaigns.
Read more: http://www.mediapost.com/publications/article/208360/google-partners-with-kitkat-names-android-os-vers.html#ixzz2dtMawUNq
Microsoft Acquires Nokia's Phone Business
The rationale behind Microsoft’s $7.2 billion deal to acquire Nokia’s Devices & Services business, license Nokia’s patents and license and use Nokia’s mapping services is the desire for “faster innovation, increased synergies, and unified branding and marketing,” the companies say.
It may also yield a successor to departing CEO Steve Ballmer -- Nokia CEO Stephen Elop, who will be returning to Microsoft as EVP Devices –- as many accounts speculate.
“It's a bold step into the future –- a win-win for employees, shareholders and consumers of both companies," claims Ballmer, whose recently announced retirement plans after 13 years at the helm have mostly drawn applause (although some maintain his critics have been far too heavy-handed.
Microsoft and Nokia will discuss the agreement, which is expected to close in the first quarter of 2014 pending shareholder and regulatory approval, in a conference call for investors, financial analysts and news media at 8:45 a.m. ET this morning. A 30-slide presentation “Accelerating Growth: Microsoft’s Strategic Rationale...” prepared for the call is available for viewing and download.
“Devices help services and services help devices,” observes one key slide, according to the Washington Post’s Timothy B. Lee. “The company believes that more closely integrating the two will improve the user experience and help to ‘build a large user base.’”
The Wall Street Journal’s Shira Ovide suggests that the deal brings with it “several executives who could be contenders for Mr. Ballmer's job” without naming any specific names beyond Elop, who once ran Microsoft’s software business. Ovide is among the commentators who also point out that “Nokia's market share and market value” have both gone south during Elop’s nearly three-year’s stewardship.
Other senior Nokia executives moving to Microsoft include Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chris Weber, who heads sales and marketing and is also a Microsoft veteran. Overall, “about 32,000 Nokia employees will transfer to Microsoft, which currently has about 99,000 workers,” according to an AP report.
The deal is also an attempt by two once-dominant companies to avoid becoming irrelevant in the era of the smartphone, which has been dominated by Samsung and Apple. Microsoft’s OS is still the leader, by far, in the PC segment but the company has had notorious difficulty in duplicating its success in emerging segments.
Likewise, Nokia was once the mightiest company in the mobile phone business, but it has lost much of its luster as the industry shifted to the era of the smartphone. Nokia scrapped it mobile OS system for Microsoft’s in a deal announced in early 2011, a few months after Elop left Redmond, Wash., for the Finland-based company.
Windows Phone accounted for only 3.7 % of smartphone shipments in the second quarter of 2013, according to IDC, reports the New York Times’ Nick Wingfield. “Nokia remains the second-largest shipper of mobile phones in the world after Samsung, but that is largely because of lower-end feature phones, from which consumers are moving away. Nokia is no longer among the top five makers of smartphones,” Wingfield writes.
“The sale of the handset business is not the first dramatic turn in the 148-year history of a company which has sold everything from television sets to rubber boots,” point out Reuters’ Ritsuko Ando and Bill Rigby.
When the deal closes, “Nokia plans to focus on its three established businesses: NSN, a leader in network infrastructure and services; HERE, a leader in mapping and location services; and Advanced Technologies, a leader in technology development and licensing,” according to a statement. Nokia chairman Risto Siilasmaa becomes interim CEO, replacing Elop, who will remain as an EVP at Nokia until the deal is finalized.
“Today is an important moment of change and reinvention for Nokia and its employees,” says Siilasmaa. “With our strong corporate identity, leading assets and talent, and from a position of renewed financial strength, we will build Nokia's next chapter.”
As for Microsoft, “clearly the number one priority for the company is to get its mobile strategy right. From a strategy point of view, this deal is the perfect step. The only question is how well they can execute this plan,” Manoj Menon, managing director of consulting firm Frost & Sullivan, tells the BBC’s Robert Peston.
"It completely reshapes Microsoft's business pushing it firmly into hardware. But it also raises big questions about the sustainability of other firms, including HTC and Blackberry, remaining pure-play phone makers," adds Ben Wood, an analyst at telecoms consultancy CCS Insight.
Meanwhile, if you like your analysis with a “hearty dose of sarcasm and snark,” ZDNet’s Zack Whitaker has rounded up some of the spiciest comments from the Twittersphere
Read more: http://www.mediapost.com/publications/article/208271/microsoft-acquires-nokias-phone-business.html?edition=64078#ixzz2dtKtImHr
Thursday, August 1, 2013
Singapore is Asia’s Mice king
Singapore has emerged as the only Asian city in the Top Ten Convention Cities in the world alongside Vienna, Madrid, Paris, Berlin and Barcelona, according to the latest Global Rankings by the International Congress and Convention Association (ICCA). Singapore has also maintained its position as Asia’s Top Convention City for 11 years running.
Last year the country hosted a record of 150 ICCA events, the highest so far, representing a 5.6 per cent increase from 142 in 2011, compared to the 4.4 per cent increase from 2010 to 2011.
The accolade comes after a stellar year for Singapore tourism as the country welcomed a record high 14.4 million visitors, an increase of nine per cent from 2011 while tourism receipts stood at S$23 billion ($18.3 billion), an increase of three per cent from 2011. For 2013, Singapore forecasts tourism receipts to grow to between S$23.5-S$24.5 billion ($18.7-$19.5 billion), and visitor arrivals to between 14.8-15.5 million.
There was also robust performance in the Meetings, Incentives, Conventions and Exhibitions (Mice) industry, which saw visitor arrivals rise to 2.5 million from January to September 2012, representing a six per cent year-on-year growth. Expenditure by these business visitors rose seven per cent year-on-year to an estimated S$4.29 billion ($3.42 billion).
This comes after a successful year of hosting 18 world congresses in 2012, including a number of first-in-Asia or Singapore events such as the Congress of the International Council for Commercial Arbitration, International Association of Gaming Regulators Conference, Young Presidents’ Organisation Global Leadership Summit, World Conference on Tobacco or Health, World Nut and Dried Fruit Congress as well as Global MBA Leadership Conference and Expo.
Neeta Lachmandas, assistant chief executive of the Singapore Tourism Board (STB), commented, “The competition in the global meetings arena has never been keener, and Singapore is up against many worthy cities going for the Mice business. We believe that we are moving in the right direction by providing original content, incisive insight into leading-edge discussions and platforms for networking and exchange opportunities. We will also certainly continue to work with partners to strengthen our events calendar and deliver quality meetings to our delegates.”
MIDDLE EAST APPEAL
Singapore has traditionally been a popular destination among Arab visitors as the tourism board looks to welcome back guests with a host of new attractions launching this year.
Launching in time for the GCC summer school holidays is one of Singapore’s newest and most ambitious attractions. River Safari, Asia’s first river-themed wildlife park. Boat tours will unveil the wonders of Africa’s Nile River, the mysteries of the Amazon, and the giant Pandas of the Yangtze River, with a large part of the park allocated to profiling these and many other famous rivers. More than 5,000 animals from 300 species and one of the world’s largest collections of aquatic animals have been relocated to the park to offer visitors an exhilarating and interactive view of the planet’s iconic waterways.
Singapore Zoo, one of the country’s most popular family destinations drawing over 1.7 million people every year. This lush rainforest habitat includes nearly 3,000 mammals, birds and reptiles, offering visitors a chance to see giraffes, giant crocodiles, zebras, white rhinos, giant tortoises, cheetahs and lions and many more at close quarters.
A new exciting addition at the Universal Studios Singapore is the world’s first fully immersive Sesame Street indoor themed ride, which can be enjoyed by the whole family, taking guests on an outer space adventure with Elmo and friends.
Another major draw card for visitors to Singapore this year is the 20th Anniversary of the Great Singapore Sale. Running until July 28, Singapore will be host to eight weeks of fabulous shopping and great deals on fashion, watches, jewellery, electronics, toys and more.
Other upcoming developments include the Singapore Sports Hub and the National Art Gallery will also help boost Singapore’s inventory of interesting and unconventional Mice venues. For instance, the new Sports Hub will include a 55,000-capacity National Stadium with a retractable roof and comfort cooling for spectators; a 3,000-capacity indoor Aquatic Centre complete with leisure facilities, expandable to 6,000-capacity for specific events that meets world tournament standards; and a 3,000-capacity multi-purpose Indoor Arena which will be scalable, modular and flexible in layout.
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